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Unusual feature

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Doug Wegener

Thread Starter
Senior Member
Joined
Apr 14, 2005
Professional Status
Certified Residential Appraiser
State
Oregon
Adjusting for unusal feature. I have my own ideas on how to handle this but
I would like to get some feedback from others.

50X50 (2500 sqft) structure with comp shingle roof,permitted as a carport, but with tile floor and attached 12X16 building with sink/cabinet and granite countertop. Also has a raised area for a band and partially enclosed with sheet metal, to minimize noise I suppose.

Not used as a carport. It designed as a place to have dances. Band platform, 12X16 building has pass thru bar as well as sink. Overall, fairly good quality. Residential property on about 4 acres. There is also an approx. 3500 square foot home of good quality on the site. Price range probably $600,000-$700,000.

No way to extract carport/dance area from the market. Owner says cost to construct $50,000.

How would you deal with this?
 

Lobo Fan

Elite Member
Joined
Nov 28, 2004
Professional Status
Certified Residential Appraiser
State
New Mexico
Kick it back as a commercial appraisal.
 

Randolph Kinney

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Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
If this area is used in a commercial way, then Lobo is right.

However, you have to ask yourself what a typical buyer would pay. Would a typical buyer be attracted to this amenity or repulsed by it?

If you don't have a comparable property, it is going be impossible for you to estimate any significant value to this.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
Very large, covered patio. Compare to other properties with yard features such as extensive decking and covered patios. Don't go overboard because typical buyers don't need large "dance" areas.
 

Kevin A. Spellman

Senior Member
Joined
Aug 30, 2003
Professional Status
Certified Residential Appraiser
State
Massachusetts
I would be more concern on the marketability. I’m really good at defending a zero adjustment.
 

Mr Rex

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Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Roof slope is to low for shingles. Write it up that the carport roof doesn't meet manufacturers specifications for composite shingles:huh:
 

Tony V

Elite Member
Joined
Mar 29, 2005
Professional Status
Certified Residential Appraiser
State
New York
Very large, covered patio. Compare to other properties with yard features such as extensive decking and covered patios. Don't go overboard because typical buyers don't need large "dance" areas.


I think that Greg has the answer...look for market reaction from the typical buyer..
 

bart nathan

Member
Joined
Jun 9, 2005
Professional Status
Certified Residential Appraiser
State
California
I would use a comps with barns horse stalls or shops and call it similar.
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
Adjusting for unusal feature. I have my own ideas on how to handle this but
I would like to$50,000.

How would you deal with this?

Covered Patio? Compare to OTHER covered patios. Make MARKET SUPPORTED adjustments for differences. No market support for differences? Don't make adjustments. Lender/ clients don't want to make loans on properties where the amenities have little or no market support.
 

Doug Wegener

Thread Starter
Senior Member
Joined
Apr 14, 2005
Professional Status
Certified Residential Appraiser
State
Oregon
Commercial

Kick it back as a commercial appraisal.

Property not commercial nor zoned commercial. I supposed it could be rented out for dances but not a legal use.
 
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